NPM/CNP launches legal action against Petrobras

BRUSSELS, July 2 (Reuters) - Belgian holding company NPM/CNP (NAT.BR: Quote, Profile, Research, Stock Buzz) said on Wednesday its subsidiary Transcor Astra Group had filed litigation in the United States against Brazilian state-run oil company Petrobras (PETR4.SA: Quote, Profile, Research, Stock Buzz) The legal suit was to protect Transcor's 50 percent interest in PRSI, the American company operating the Pasadena refinery, and in the related trading partnership, NPM/CNP said in a statement.

"Following a disagreement between the parties at the board of directors level of the joint U.S. entities, Transcor Astra Group has also exercised its right to put these assets to Petrobras," the Belgian company said.

It added the sale price was subject to a valuation by independent appraisers.

The company declined to comment further.

NPM/CNP, controlled by Belgian billionaire Albert Frere, said it did not believe that the outcome of this litigation or the valuation would have a material impact on its adjusted net assets, which stood at 54.80 euros per share on July 1.

Transcor Astra Group is mainly active in oil trading and refining. (Reporting by Philip Blenkinsop; Editing by Quentin Bryar)